Managing documents within a financial services company will be critical compared to other industries.
This is due to the sensitive nature of the information stored, both for the company and their clients. Dealing with numbers also means a high level of accuracy and no room for error or omission. Most organisations in this sector are now moving towards a document management system which includes scanning of files and paperwork. Here are just six of many reasons our clients are going digital with their documents.
People in finance know that by increasing productivity and cutting out unnecessary tasks it will add to increasing the bottom line. Moving to a more digital way of storing information means becoming more efficient. The staff will use their true skills and abilities on more productive matters than filing or time spent searching for information. Streamlining business processes by automating tasks will bring its own efficiencies.
Fast and Accurate
With document scanning there is no margin of error as the information on the paper is captured accurately. It allows fast retrieval of information as client information can be viewed or emailed at a click of a mouse or stroke of a key. This not only allows easy access but also easy reporting which can be confidently shared.
Information that has been scanned and converted into digital files is stored safety within your system and also in the cloud. This eliminates the risk of damage or destruction by fire, flood or wear and tear. The information will only be accessible to authorised personnel so any visitors to your office (invited or otherwise) will not be able to gain access.
Cash Flow Improvement
We can integrate your new files with your existing software to allow document management software help with invoice processing. As all information needed to support invoices are linked there should be less delays in processing payment. Data capture can speed up the processes needed to get from invoice to payment, decreasing debtor days.
There will be legal and regulatory compliance issues with regard to storage of information. With no storage implications as digital files don’t take up physical space, these files can be held indefinitely. They are also stored in a secure manner giving your clients peace of mind.
Some clients may have many aspects to the financial services you provide. By linking all files together for a particular client this will also allow multi user access within departments. Storing information in the cloud allows easy access for authorised personnel while working remotely.
These are just a few of the benefits our financial services clients have experienced by converting their paper files to digital. If you are considering making the move to a more defined document management system talk to our experts today.